Ocado chief executive Tim Steiner will remain in the top job until the start of the 2028 financial year, as the online grocery technology firm sets out its leadership transition plans.

The group said Steiner, who co-founded Ocado in 2000, would stay on as chief executive for around two more years while it works to appoint a successor.

He will then remain with the business through 2029 in a founder role, helping prepare the next generation of Ocado’s leadership.

Ocado said Steiner remained “fully committed to driving the company’s strategy, operations and growth initiatives throughout this period”.

The update follows weeks of speculation over Ocado’s leadership, after the business confirmed in June that it was engaged in long-term succession planning.

Sky News previously reported that Niklas Heuveldop, chief executive of Ericsson-owned Vonage, had been sounded out for the role.

Steiner’s extended tenure comes during a challenging period for Ocado, which supplies automated warehouse technology and also operates its UK online grocery joint venture with Marks & Spencer.

The company has faced pressure after its North American partners, Kroger in the US and Sobeys in Canada, said they would close robotic customer fulfilment centres, citing weaker-than-expected demand.

Ocado has said it can now seek new partners in those markets, although some analysts have questioned whether it will be able to do so as more retailers move towards fulfilling online orders from stores.

The group’s share price has fallen around 20 per cent over the past six months.

In February, Ocado said it would cut 1,000 jobs as part of a cost-saving drive aimed at helping the business become cash-flow positive this year.

Steiner, 56, owns a 2.35 per cent stake in Ocado, according to LSEG data.

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